You may apply to the Commissioner for an:
- extension of time to pay exit payments for up to 12 months
- exemption to pay all exit payments for up to five years
Extensions
You can apply for an extension of up to 12 months to:
- pay an exit entitlement to a particular resident
- complete a buyback of the former home of a particular resident.
The Commissioner may only grant an operator an extension if:
- there are exceptional circumstances, and
- an extension has not previously been granted for that resident.
You must apply at least 90 days before the payment is due to the resident by printing out and returning the extension form (PDF or Word).
Conditions for an extension
The Commissioner may grant an extension with or without conditions. The Commissioner can change conditions by giving you written notice.
Conditions may include requiring you to:
- make part payments
- make payments by instalments
- pay interest.
Financial penalties may apply if an operator doesn’t follow the conditions of an extension.
How the Commissioner decides on an extension
The Commissioner will consider the following when making a decision:
- the operator's financial capacity to make the payment or complete the buyback
- the impact on residents
- whether the operator or resident has unreasonably delayed the sale or occupation of the premises
- any submissions made by the operator or resident.
Review of extension decision
You can apply to the State Administrative Tribunal (SAT) to review a decision to:
- not grant an extension
- impose or vary conditions of an extension
- bring forward the date to pay an exit entitlement or complete a buyback.
A resident can apply to the SAT to review a decision to:
- grant an extension
- impose or vary conditions of an extension.
Exemptions
You can apply for exemption for up to 5 years from a requirement to pay an exit entitlement and/or complete a buyback.
The Commissioner may only grant an operator an exemption if:
- there are exceptional circumstances, and
- it is in the public interest to grant the exemption.
The Commissioner must set a later date or dates for you to pay the exit entitlements and/or complete the buybacks.
You may have to pay a penalty if you fail to complete the buyback by the deadline.
Apply for exemption at any time by printing out and returning the exemption form (PDF or Word).
Conditions for exemptions
The Commissioner may grant an exemption with or without conditions. The Commissioner can change conditions by giving your written notice.
Financial penalties may apply if an operator doesn't follow the conditions of an exemption.
How the Commissioner decides on an exemption
The Commissioner will consider the following when making a decision:
- the number of units in the village
- whether residents own or are leasing their homes
- whether residents are required to reinstate or renovate their homes
- whether you make a profit from fees or charges paid by residents
- your assets and whether you have enough income to pay exit payments
- any submissions made by you or the resident.
Review of exemption decision
You can apply to the SAT to review a decision to:
- not grant an exemption
- impose or varies conditions of an exemption
- to bring forward the date to pay exit entitlements and/or complete buybacks.
A resident can apply to the SAT to review a decision to:
- grant an exemption
- impose or varies conditions of an exemption.
Appointment of a valuer
A valuer’s assessment determines the value of the resident’s home or the exit entitlement they are owed.
The valuation costs will be shared between you and the resident.
Can’t agree on the home value
A licensed valuer will need to be appointed to value the home if you and the resident cannot agree on the value. This must be done at least 3 months before the resident’s exit entitlement or buyback is due.
You and the resident should also try to agree on the licensed valuer.
Can’t agree on the valuer
You must apply to the Commissioner to appoint a licensed valuer if you and the resident can’t agree on a valuer. This must be done at least 2 months before the exit entitlement or buyback is due.
The Commissioner must appoint a licensed valuer within 21 days of receiving your application.
You or the resident can apply to the SAT to review the Commissioner’s decision to appoint a valuer.
Working with the valuer
You and the resident must give the appointed valuer all the information they need to make a valuation.
Financial penalties may apply if you fail to provide requested information to the appointed valuer.